California Governor Jerry Brown, buoyed by surging revenue fromhigher taxes and a recovering economy, boosted his proposed budgetfor the most populous U.S. state to $107.8 billion for the fiscalyear that begins in July.
The plan would also begin erasing the $73.7 billion unfundedliability of the California State Teachers' Retirement System, thesecond-biggest U.S. pension, by increasing annual contributions bythe state, teachers, and school districts.
“This is good news for California,” said Brown, a 76- year-oldDemocrat. “This budget allows us to pay down our debt.”
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